Health Insurance companies provide two types of insurance policies: Group Health Insurance plans and Regular Health Insurance Plans. Commonly people are often confused between the two and are thus left unsure about which type of plan best suits them the best. This leaves them in a lurch at the moment they need to make a sound and educated decision to select one or the other. So let us help you understand where the major differences in these two types of health insurance plans lies!
On the other hand, a Regular Individual Insurance policy is a scheme that is bought by an individual them-self. Although the name suggests coverage for individuals only, these schemes can be offered to groups of people as well the individual’s families or dependants.
The cost of an individual health plan is often higher than group plans as the group schemes are often subsidised by organisations to its employees.
While in individual insurance policy the policyholder receives coverage irrespective of his or her employment status, as long as the premiums are being paid. These are the major differences between a group health care insurance scheme and a regular individual health care scheme. Customers should consider carefully their needs and position before opting for either. In addition to the above differences, it is also important to note that in the case of individual healthcare schemes no claim bonuses can often add up to big amounts. That is if you go an entire year without availing the insurance policy, part of your premiums will transfer on to the next year as a bonus. This often does not occur in group healthcare policies and the bonuses are passed on to the organisation offering the scheme to its employees instead.
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